Housing prices ticked higher in all major cities during the month of June. A rebound in Detroit housing prices was most evident. However, as the chart below indicates, most prices were just returning to a down-trending moving average and may continue to move lower in coming months.
The chart illustrates prices of a 10-city composite. This chart is more friendly, potentially indicating a test of the low and possibly higher prices in the future. Charts of some specific cities still show steadily falling prices.
On the positive side, downward pressure appears to be moderating indicating the a bottom in housing prices, nation-wide, may occur soon.
*********************************************************************
- Housing Inventory Fell 18% in July
Mortgage Applications at 15-year Lows
On Wednesday August 24, 2011, 7:13 am EDTNEW YORK (Reuters) - Home mortgage applications for purchases fell to a nearly 15-year low last week as resurgent worries about the strength of the economy kept buyers at bay, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.4 percent in the week ended August 19.The seasonally adjusted gauge of loan requests for home purchases tumbled 5.7 percent to its lowest level since December 1996, the MBA said. Refinance demand also sagged as interest rates rose, with the refinance index slipping 1.7 percent."Another week of volatile markets and rampant uncertainty regarding the economy kept prospective homebuyers on the sidelines, with purchase applications falling to a 15-year low," Mike Fratantoni, MBA's vice president of research and economics, said in a statement."This decline impacted borrowers across the board, with purchase applications for jumbo loans falling by more than 15 percent and purchase applications for the government housing programs falling by 8.2 percent."The refinance share of mortgage activity increased to 79.8 percent of total applications from 78.8 percent the week before.What is “Shadow Inventory” and Why Does It Matter?
Published August 2, 2011 | 
“Shadow inventory” has a sinister sound and with good reason-it could be the obstacle between us and economic recovery. Shadow inventory refers to unlisted bank-owned homes that are not yet on the market, as well as homes in “pre-foreclosure”. Shadow inventory is disconcerting to financial institutions and economists because it implies the existence of millions of unsold homes and that means millions of unwanted homes which will drag down the housing market, thus causing even more economic unrest.Yet another factor of concern is the quality of homes counted as shadow inventory. Foreclosed homes may be in a sad state of disrepair. We’ve previously discussed the increase of mold on foreclosed homes and with good reason- statistics indicate that foreclosed homes are signifigantly more likely to be abused and in need of some TLC.Furthermore, shadow inventory is difficult to gauge because banks are not exactly clammoring to reveal to the masses how many millions of homes they have, all needing to be sold. Keep in mind that banks slowly release homes to the public for fear of flooding the market and contributing to a steep drop in selling price. Conversely, banks may be holding on to inventory in anticipation of a recovered market where they can hock their goods for a greater price.In addition, economists are hesitant to offer a number of properties classified as shadow inventory because of the Home Affordable Modification Program (HAMP). This government initiative may assist upwards of 500,000 homeowners with home modifications, but this leaves the majority of the 1.2 million applicants for HAMP teetering on the edge of foreclosure.It’s important to note that a healthy housing market has approximately six months of supply. The sheer number of shadow inventory means that the market has nearly enough supply simply from homes not even on the market yet. This number, coupled with the millions of homes which are foreclosed, means that the US housing market has a long way to go before the market clears the supply of homes available. In fact, estimates suggest that it may take up to forty-four months “ to clear the supply of distressed homes on the market in the U.S. as a whole.”Did you know that shadow inventory was an economic concern? Share your thoughts and concerns with us.
***********************
By
Mortgage purchase applications plummeted to near their 14-year low last week. Can the economy climb out of its tragic cycle?
As the bad news continues to pile on, Americans appear to be taking note by closing their wallets. The latest brutal report indicates that home buying demand is likely falling to even lower levels. Mortgage applications for purchases were the weakest in more than a year, according to the Mortgage Bankers Association. In fact, its index last week was second lowest that we've seen since 1997. This period includes the huge drop that sales experienced after the home buyer credit expired last year. Consumers are clearly nervous.Mortgage Purchase Applications PlummetHere's the chart to provide a little perspective (the green line represents the index value as of the week ending August 12th):
Mortgage purchase applications have been slowly declining since early April, but last week they dropped 9.1%. This data doesn't account for all potential home sales -- some all-cash transactions also occur. But cash purchases primarily occur with investors, so mortgage purchase applications should provide a fairly clear picture on how consumer demand for home buying is changing. At last week's level, demand was extremely weak.The MBA's report is a useful for two reasons. First, it provides a very early indicator for home buying demand. For example, the National Association of Realtor's existing home sales report that comes out on Thursday provides sales that closed in July, which means it really provides buying demand for as far back as May and June. The MBA report shows us how consumer demand for homes looked just last week.Second, the report provides a way to gauge consumer confidence on a weekly basis. Big sentiment declines don't always translate into big drops in consumer spending on a whole, because a fair amount of spending isn't discretionary. But most home buying can be delayed until consumers are more comfortable with the economic situation. Assuming that no housing market specific shocks are playing a role, a big decline in mortgage purchase applications implies a big drop in consumer sentiment.So What Happened?This wasn't just any week during which mortgage applications for purchases plummeted. It occurred during a week when mortgage interest rates hit a new record low, according to Freddie Mac. As a result, mortgage applications for refinancing are experiencing a mini-boom. But those ultra low rates weren't enough to convince more consumers to purchase homes; indeed, we saw the opposite. Sentiment must have been so low that even the benefit of ridiculously low mortgage interest rates couldn't prevent a big 9.1% drop in purchase applications.We can easily guess what's causing Americans' nervousness. Last week consumers reacted to the news that the U.S. had been downgraded. The S&P 500 also fell 7.7% in the prior week, ending August 5th. Then stocks experienced crazy volatility last week, which consumers probably interpreted as significant uncertainty about the economy. Although stocks aren't moving as wildly this week, those other shocks remain intact. So there's little reason to believe that consumers are feeling much more optimistic this week than they were last week.Pessimistic Consumers: The Most Dangerous Threat to RecoveryWe've seen a lot of harmful economic shocks recently, like natural disasters, instability in Europe, political unrest, rising oil prices, volatile markets, and downgrades. Those all play a part in stifling economic activity. But their real risk is indirect, as they drag down consumer sentiment.The biggest problem that the economy faces right now is unemployment. If the U.S. suddenly added 15 million jobs, then most of the other issues would work themselves out: home sales would jump, tax receipts would increase, the stock market would stabilize, and even rising gasoline prices would be a little easier to stomach. But firms aren't going to ramp up their hiring if consumer demand doesn't rise. In fact, if it falls they may resume layoffs.So what we're seeing here is a sort of tragic cycle. The nation isn't seeing the unemployment rate decline, because consumers aren't comfortable spending freely. But one of the chief reasons that they aren't comfortable spending freely is because unemployment is so high. As long as consumers see a huge number of Americans out of work, they won't feel that the nation's economy is completely stable. That's why we have been seeing such sluggish job growth, even when the unemployment rate appeared to be declining a little.But if sentiment drops and remains low, then even that anemic job growth will disappear. At that time, the chances of double dip become much greater. If consumers pull back in a meaningful way, then it's hard to see how firms will be able to resist additional layoffs, which of course would result in sentiment and spending to decline even more.Image Credit: REUTERS/Joshua LottThis article available online at:http://www.theatlantic.com/business/archive/2011/08/home-sales-are-falling-will-consumers-force-a-double-dip/243754/Copyright © 2011 by The Atlantic Monthly Group. All Rights Reserved.
Mortgage Applications at 15-year Lows
On Wednesday August 24, 2011, 7:13 am EDTNEW YORK (Reuters) - Home mortgage applications for purchases fell to a nearly 15-year low last week as resurgent worries about the strength of the economy kept buyers at bay, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.4 percent in the week ended August 19.The seasonally adjusted gauge of loan requests for home purchases tumbled 5.7 percent to its lowest level since December 1996, the MBA said. Refinance demand also sagged as interest rates rose, with the refinance index slipping 1.7 percent."Another week of volatile markets and rampant uncertainty regarding the economy kept prospective homebuyers on the sidelines, with purchase applications falling to a 15-year low," Mike Fratantoni, MBA's vice president of research and economics, said in a statement."This decline impacted borrowers across the board, with purchase applications for jumbo loans falling by more than 15 percent and purchase applications for the government housing programs falling by 8.2 percent."The refinance share of mortgage activity increased to 79.8 percent of total applications from 78.8 percent the week before.What is “Shadow Inventory” and Why Does It Matter?
Published August 2, 2011 | “Shadow inventory” has a sinister sound and with good reason-it could be the obstacle between us and economic recovery. Shadow inventory refers to unlisted bank-owned homes that are not yet on the market, as well as homes in “pre-foreclosure”. Shadow inventory is disconcerting to financial institutions and economists because it implies the existence of millions of unsold homes and that means millions of unwanted homes which will drag down the housing market, thus causing even more economic unrest.Yet another factor of concern is the quality of homes counted as shadow inventory. Foreclosed homes may be in a sad state of disrepair. We’ve previously discussed the increase of mold on foreclosed homes and with good reason- statistics indicate that foreclosed homes are signifigantly more likely to be abused and in need of some TLC.Furthermore, shadow inventory is difficult to gauge because banks are not exactly clammoring to reveal to the masses how many millions of homes they have, all needing to be sold. Keep in mind that banks slowly release homes to the public for fear of flooding the market and contributing to a steep drop in selling price. Conversely, banks may be holding on to inventory in anticipation of a recovered market where they can hock their goods for a greater price.In addition, economists are hesitant to offer a number of properties classified as shadow inventory because of the Home Affordable Modification Program (HAMP). This government initiative may assist upwards of 500,000 homeowners with home modifications, but this leaves the majority of the 1.2 million applicants for HAMP teetering on the edge of foreclosure.It’s important to note that a healthy housing market has approximately six months of supply. The sheer number of shadow inventory means that the market has nearly enough supply simply from homes not even on the market yet. This number, coupled with the millions of homes which are foreclosed, means that the US housing market has a long way to go before the market clears the supply of homes available. In fact, estimates suggest that it may take up to forty-four months “ to clear the supply of distressed homes on the market in the U.S. as a whole.”Did you know that shadow inventory was an economic concern? Share your thoughts and concerns with us.
On Wednesday August 24, 2011, 7:13 am EDT
NEW YORK (Reuters) - Home mortgage applications for purchases fell to a nearly 15-year low last week as resurgent worries about the strength of the economy kept buyers at bay, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.4 percent in the week ended August 19.
The seasonally adjusted gauge of loan requests for home purchases tumbled 5.7 percent to its lowest level since December 1996, the MBA said. Refinance demand also sagged as interest rates rose, with the refinance index slipping 1.7 percent.
"Another week of volatile markets and rampant uncertainty regarding the economy kept prospective homebuyers on the sidelines, with purchase applications falling to a 15-year low," Mike Fratantoni, MBA's vice president of research and economics, said in a statement.
"This decline impacted borrowers across the board, with purchase applications for jumbo loans falling by more than 15 percent and purchase applications for the government housing programs falling by 8.2 percent."
The refinance share of mortgage activity increased to 79.8 percent of total applications from 78.8 percent the week before.
Published August 2, 2011 | “Shadow inventory” has a sinister sound and with good reason-it could be the obstacle between us and economic recovery. Shadow inventory refers to unlisted bank-owned homes that are not yet on the market, as well as homes in “pre-foreclosure”. Shadow inventory is disconcerting to financial institutions and economists because it implies the existence of millions of unsold homes and that means millions of unwanted homes which will drag down the housing market, thus causing even more economic unrest.Yet another factor of concern is the quality of homes counted as shadow inventory. Foreclosed homes may be in a sad state of disrepair. We’ve previously discussed the increase of mold on foreclosed homes and with good reason- statistics indicate that foreclosed homes are signifigantly more likely to be abused and in need of some TLC.
Furthermore, shadow inventory is difficult to gauge because banks are not exactly clammoring to reveal to the masses how many millions of homes they have, all needing to be sold. Keep in mind that banks slowly release homes to the public for fear of flooding the market and contributing to a steep drop in selling price. Conversely, banks may be holding on to inventory in anticipation of a recovered market where they can hock their goods for a greater price.
In addition, economists are hesitant to offer a number of properties classified as shadow inventory because of the Home Affordable Modification Program (HAMP). This government initiative may assist upwards of 500,000 homeowners with home modifications, but this leaves the majority of the 1.2 million applicants for HAMP teetering on the edge of foreclosure.
It’s important to note that a healthy housing market has approximately six months of supply. The sheer number of shadow inventory means that the market has nearly enough supply simply from homes not even on the market yet. This number, coupled with the millions of homes which are foreclosed, means that the US housing market has a long way to go before the market clears the supply of homes available. In fact, estimates suggest that it may take up to forty-four months “ to clear the supply of distressed homes on the market in the U.S. as a whole.”
Did you know that shadow inventory was an economic concern? Share your thoughts and concerns with us.
***********************
By
Mortgage purchase applications plummeted to near their 14-year low last week. Can the economy climb out of its tragic cycle?
As the bad news continues to pile on, Americans appear to be taking note by closing their wallets. The latest brutal report indicates that home buying demand is likely falling to even lower levels. Mortgage applications for purchases were the weakest in more than a year, according to the Mortgage Bankers Association. In fact, its index last week was second lowest that we've seen since 1997. This period includes the huge drop that sales experienced after the home buyer credit expired last year. Consumers are clearly nervous.
Mortgage Purchase Applications Plummet
Here's the chart to provide a little perspective (the green line represents the index value as of the week ending August 12th):
Mortgage purchase applications have been slowly declining since early April, but last week they dropped 9.1%. This data doesn't account for all potential home sales -- some all-cash transactions also occur. But cash purchases primarily occur with investors, so mortgage purchase applications should provide a fairly clear picture on how consumer demand for home buying is changing. At last week's level, demand was extremely weak.
The MBA's report is a useful for two reasons. First, it provides a very early indicator for home buying demand. For example, the National Association of Realtor's existing home sales report that comes out on Thursday provides sales that closed in July, which means it really provides buying demand for as far back as May and June. The MBA report shows us how consumer demand for homes looked just last week.
Second, the report provides a way to gauge consumer confidence on a weekly basis. Big sentiment declines don't always translate into big drops in consumer spending on a whole, because a fair amount of spending isn't discretionary. But most home buying can be delayed until consumers are more comfortable with the economic situation. Assuming that no housing market specific shocks are playing a role, a big decline in mortgage purchase applications implies a big drop in consumer sentiment.
So What Happened?
This wasn't just any week during which mortgage applications for purchases plummeted. It occurred during a week when mortgage interest rates hit a new record low, according to Freddie Mac. As a result, mortgage applications for refinancing are experiencing a mini-boom. But those ultra low rates weren't enough to convince more consumers to purchase homes; indeed, we saw the opposite. Sentiment must have been so low that even the benefit of ridiculously low mortgage interest rates couldn't prevent a big 9.1% drop in purchase applications.
We can easily guess what's causing Americans' nervousness. Last week consumers reacted to the news that the U.S. had been downgraded. The S&P 500 also fell 7.7% in the prior week, ending August 5th. Then stocks experienced crazy volatility last week, which consumers probably interpreted as significant uncertainty about the economy. Although stocks aren't moving as wildly this week, those other shocks remain intact. So there's little reason to believe that consumers are feeling much more optimistic this week than they were last week.
Pessimistic Consumers: The Most Dangerous Threat to Recovery
We've seen a lot of harmful economic shocks recently, like natural disasters, instability in Europe, political unrest, rising oil prices, volatile markets, and downgrades. Those all play a part in stifling economic activity. But their real risk is indirect, as they drag down consumer sentiment.
The biggest problem that the economy faces right now is unemployment. If the U.S. suddenly added 15 million jobs, then most of the other issues would work themselves out: home sales would jump, tax receipts would increase, the stock market would stabilize, and even rising gasoline prices would be a little easier to stomach. But firms aren't going to ramp up their hiring if consumer demand doesn't rise. In fact, if it falls they may resume layoffs.
So what we're seeing here is a sort of tragic cycle. The nation isn't seeing the unemployment rate decline, because consumers aren't comfortable spending freely. But one of the chief reasons that they aren't comfortable spending freely is because unemployment is so high. As long as consumers see a huge number of Americans out of work, they won't feel that the nation's economy is completely stable. That's why we have been seeing such sluggish job growth, even when the unemployment rate appeared to be declining a little.
But if sentiment drops and remains low, then even that anemic job growth will disappear. At that time, the chances of double dip become much greater. If consumers pull back in a meaningful way, then it's hard to see how firms will be able to resist additional layoffs, which of course would result in sentiment and spending to decline even more.
Image Credit: REUTERS/Joshua Lott
This article available online at:
http://www.theatlantic.com/business/archive/2011/08/home-sales-are-falling-will-consumers-force-a-double-dip/243754/
By Nick Timiraos, Wall Street Journal August 17, 2011
The number of homes listed for sale continued to decline in July, falling by 1.2% from June and nearly 18% from one year ago.
Data from Realtor.com show that there were 2.31 million homes listed for sale at the end of July. That is the lowest level for July since the series began in 2007. Inventories tend to decline in July as the spring sales rush gives way to summer vacations. Zelman & Associates, a research firm, says July listings have typically fallen by 0.8% from June over the past 28 years.
The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country.
Since 2007, inventory has only been lower in five months: the first four months of this year, and in January 2010. Housing demand has been weaker than expected for most of the year, and new worries about the strength of the U.S. economy could push the market into another stall.
Inventory levels might be even higher—putting more pressure on prices—were it not for banks holding foreclosures off the market as they revamp their foreclosure-processing infrastructure.
Compared with the previous month, July listings were down most sharply in Phoenix (-7.9%), Tampa (-6.4%), Orlando (-5.1%), Miami (-4.6%) and Atlanta (-4.6%). Listings posted the biggest gains in just three markets Denver (22.4%), Cleveland (0.9%), and New Orleans (0.2%).
The Realtor.com figures showed that median asking prices were unchanged from June to July and also from one year ago, offering a sign that home prices could resume their downward drift later this year during the traditionally slower sales months. Asking prices were up most sharply for the month in Detroit (5.4%) and Portland, Ore. (3.6%).
Follow Nick on Twitter: @NickTimiraos
Housing Starts Down Slightly in July |     |
Read Press Release
August 16, 2011 - Nationwide housing starts edged down 1.5 percent to a seasonally adjusted annual rate of 604,000 units in July, according to figures released by the U.S. Commerce Department today. The slight decline comes on the heels of significant gains in housing production in June, and was attributable to a moderate drop-off on the single-family side while production of multifamily units continued upward.
"Although single-family housing production slid a few notches in July, the number was right in line with the second quarter average, so we view this report as an indication of relative stability," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "This is in keeping with the fact that not much has changed over the past several months with regard to the outlook for new-home sales and production. Both builders and buyers continue to exercise a great deal of caution due to uncertainty about the current economic climate, the large number of foreclosed homes on the market, and concerns about access to credit."
"Overall housing production held relatively steady in July, with construction of new multifamily projects showing greater strength due to higher demand for rental units," noted NAHB Chief Economist David Crowe. "Going forward, we expect housing production to show modest improvement through the end of this year, particularly in select markets that do not have large inventories of distressed homes and where economic stability is more apparent."
Single-family housing starts declined 4.9 percent to a seasonally adjusted annual rate of 425,000 units in July, on par with their second-quarter average. Multifamily starts rose 7.8 percent to a seasonally adjusted annual rate of 179,000 units, their highest level since January.
Starts activity was mixed across the four regions in July, with the Northeast's 34.7 percent gain countered by a 37.7 percent decline in the Midwest, a 5.6 percent gain reported in the South, and a 3.0 percent decline posted in the West.
Issuance of building permits, which can be an indicator of future building activity, fell 3.2 percent to a seasonally adjusted annual rate of 597,000 units in July. While single-family permits were virtually unchanged with a 0.5 percent gain to 404,000 units, multifamily permits registered a 10.2 percent decline to 193,000 units.
Regionally, permits gained 18.3 percent in the Northeast and 3.6 percent in the South, but fell 7.1 percent in the Midwest and 7.8 percent in the West in July.
Builder Confidence Unchanged in August | |
August 15, 2011 - Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today.
"Builders continue to confront the same major challenges they have seen over the past year, including competition from the large inventory of distressed homes on the market, inaccurate appraisal values, and issues with their buyers not being able to sell an existing home or qualify for favorable mortgage rates because of overly tight underwriting requirements," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. He noted that 41 percent of respondents to a special questions section of the HMI indicated they had lost sales contracts due to buyers' inability to sell their current homes.
"The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time," said NAHB Chief Economist David Crowe. "While buying conditions are very favorable in terms of prices, interest rates and selection, consumers are worried about what the future will bring, and builders are echoing those sentiments in their responses to the HMI survey."
Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Two out of three of the HMI's component indexes posted marginal gains in August. The component gauging current sales conditions gained one point to 16 – its highest level since March of this year – and the component gauging traffic of prospect buyers rose one point to 13 following two consecutive months at 12. However, the component gauging sales expectations for the next six months declined two points to 19, partially offsetting a six-point gain from the last month's revised number.
Regionally, the HMI results were mixed in August. While the Northeast posted a four-point gain to 19, the West registered a one-point gain to 15, the South held even at 17 and the Midwest posted a two-point decline, to 10.
Editor's Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be accessed online at: www.nahb.org/hmi. More information on housing statistics is also available at www.housingeconomics.com.
55+ Builders More Optimistic About Multifamily Rentals than New Home Sales | |
August 11, 2011 - Builders in the 55+ housing market are significantly more optimistic about production and demand for multifamily rental units than they are for sales of single-family homes or multifamily condos, according to the latest 55+ Housing Market Indices that are compiled quarterly by the National Association of Home Builders (NAHB).
All of the components measuring production and demand for 55+ multifamily rental units increased significantly in the second quarter of 2011 compared to the same period a year ago.
In comparison, the 55+ Housing Market Indices for single-family units and multifamily condos were largely unchanged with increases from 12 to 13 and from 7 to 8, respectively.
“Like those in other age groups, many people in the mature-market sector are hesitant to buy,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “Among the factors keeping prospective home buyers on the sidelines are ongoing uncertainty about the economy and concerns about selling their existing homes. Low appraisals and tighter mortgage lending criteria are also constraining the market.”
The 55+ Housing Market Indices (HMI) for single-family homes and multifamily condos measure builder sentiment based on current sales, traffic of prospective buyers and expected sales six months in the future.
The 55+ Multifamily Rental indices measure current production, expected production six months in the future, current demand for existing rental units and expected demand six months in the future. In all of the 55+ Housing Market Indices, a number greater than 50 indicates that more builders view conditions as good than poor.
The 55+ Multifamily Rental indices showed increases from 15 to 28 in current production, from 16 to 29 in expected production six months in the future, and from 31 to 43 in current demand for existing units.
“Multifamily rentals are the strongest segment of the 55+ housing market at present,” said Nielsen. “The largest increase in a 55+ Multifamily Rental index was in expected demand six months in the future, which rose from 30 to 44,” he said. “An increase in demand is always good news, but this could also foreshadow a shortage of rental units in the future. Demand is already running ahead of production, and the continuing difficulty in obtaining credit to finance new construction could result in shortages down the road.”
Among the components of the 55+ Single-Family index, present sales were unchanged at 12, and expected sales increased one point from 17 to 18. Traffic of prospective buyers increased from 12 to 13.
The 55+ Multifamily Condo index components showed a slight increase – from 7 to 8 – in current sales. Expected sales six months in the future were unchanged at 10, and traffic of prospective buyers increased slightly from 5 to 7.
For the full 55+ HMI tables, please visit http://www.nahb.org/55HMI.
